NAIC DOI
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50 US state insurance regulators.
Definition
In the US, insurance is regulated at state level, not federal (except ACA for health). Each State DOI grants/revokes carrier and broker licences, approves forms and rates, conducts market conduct exams. NAIC coordinates via Model Laws/Regulations and national programmes (IRIS, Financial Analysis Solvency Tools). Commissioner = elected or appointed.
Origin
NAIC founded 1871 in New York ; Model Laws/Regs since 1873.
Example in context
Florida DOI in 2024 conducts a market conduct exam on 5 homeowners carriers after Hurricane Ian, rules on 200 wrongly denied claims.
Related terms
- NAIC IPM — product filing.